Few people have come to pick up their welfare cards. According to Comptroller General’s Department, 11.67mn have the right for the welfare cards but to date few have come to pick them up. The cards can be used from October 1. (Thai Rath, 26/9/17)
Thai-Chinese rail contract officially signed. Contract 2.1 of the Thai-Chinese rail project has been signed. The contract stating the startup of the project construction will be signed on October 9. (Bangkok Biz, 26/9/17)
ADB maintains Thai GDP growth outlook at 3.5%. Despite revising its estimates for several Asean economies, Asian Development Bank (ADB) kept Thailand’s economic growth forecast flat at 3.5% in 2017 because of a slowdown in public investment in the first half of the year. (Bangkok Post, 27/9/17)
BoT embraces Basel III rule. The Bank of Thailand has instructed Thailand’s five largest financial institutions to beef up their capital reserves in order to comply with international standards on reserve requirements. (Bangkok Post, 27/9/17)
BoT raises growth, exports forecast; maintains repo rate. Thailand’s central bank on Wednesday raised its economic growth forecast for this year to 3.8% from 3.5%, upgraded its estimate for exports, and maintained its one-day repurchase rate at 1.5%. (Bangkok Post, 28/9/17)
FPO seconds 3.8% GDP growth view. The country’s economy is likely to achieve the 3.8% growth forecast by the Bank of Thailand, mainly because of consistently strong export growth, says Krisada Chinavicharana, head of the Fiscal Policy Office. (Bangkok Post, 29/9/17)
UK credit rating downgraded by Moody’s. The UK’s credit rating has been cut over concerns about the UK’s public finances and fears Brexit could damage the country’s economic growth. Moody’s, one of the major ratings agencies, downgraded the UK to an Aa2 rating from Aa1. It said leaving the European Union was creating economic uncertainty at a time when the UK’s debt reduction plans were already off course. (BBC, 25/9/17)
Labor costs will soon rise, sending inflation toward BOJ’s 2% target, Kuroda says. Inflation will gradually gain momentum and rise toward the 2 percent target as prices begin to reflect rising labor costs, Bank of Japan Gov. Haruhiko Kuroda said Monday. Kuroda’s latest show of confidence that price gains will pick up in line with the central bank’s projections came days after it decided to continue using unprecedented monetary easing measures to shore up the economy. (Japan Times, 26/9/17)
Fed’s Dudley sees more rate hikes as US inflation weakness fades. The Federal Reserve is on track to gradually raise interest rates given factors depressing inflation are “fading” and the U.S. economy’s fundamentals are sound, an influential Fed policymaker said on Monday. (CNBC, 26/9/17)
Fed’s Yellen says gradual hikes should continue, despite weak inflation. The Federal Reserve needs to continue gradual rate hikes despite broad uncertainty about the path of inflation, Fed Chair Janet Yellen said on Tuesday in remarks that acknowledged the central bank’s struggles to forecast one of its key policy objectives. It is possible, Yellen said, that the Fed may have “misspecified” its models for inflation, and “misjudged” key facts like the underlying strength of the labor market and whether inflation expectations are as stable as they seem, and central bankers need to remain open to that possibility as they decide on policy. (Reuters, 27/9/17)
